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Technology Stocks : Sungard Data Systems (NYSE:SDS)
SDS 25.89-0.2%4:00 PM EST

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To: JakeStraw who wrote (116)5/12/2003 3:34:22 PM
From: JakeStraw   of 131
 
SunGard to Acquire Subsidiaries of London Pacific Group Limited
Monday May 12, 11:50 am ET
Will Offer Turnkey Solution for Separately Managed Accounts
biz.yahoo.com

BIRMINGHAM, Ala.--(BUSINESS WIRE)--May 12, 2003--SunGard Wealth Management Services, an operating unit of SunGard (NYSE: SDS), today announced that it has entered into a definitive agreement to acquire London Pacific Advisory Services, Inc. and London Pacific Securities, Inc. (referred together as "LPA"), subsidiaries of London Pacific Group Limited (LSE: LPG). LPA provides technology and services to financial institutions and registered investment advisors that offer managed-account or separately managed account investment strategies. Closing of the transaction, which is subject to approval by shareholders of London Pacific Group Limited, is expected in June of this year. The transaction is not expected to have a material effect on SunGard's financial results.
SunGard Wealth Management Services and LPA have worked together under an alliance agreement for the past year to integrate their solution sets. LPA has developed a leading Web-based turnkey asset management program technology that walks an asset manager or trusted advisor through the steps to sell and build managed-account investment strategies tailored to each investor. Managed accounts bring together multiple managers to create a single product solution or portfolio with the best-of-breed from each asset class and the right portion of each asset class. Managed accounts include separately managed accounts which provide for direct individual ownership of security positions. In turn, direct ownership facilitates tax-efficient management based upon an investor's individual needs and goals.

Don Birdwell, chief executive officer of SunGard Asset Management Systems, commented, "By combining LPA's capabilities with SunGard's products and services, we have produced an end-to-end solution for the managed-account industry that incorporates consolidated reporting. LPA's offering complements our product line by creating a true open-architecture, private-label solution for managed accounts that can be integrated for all of our customers. SunGard Wealth Management Services will expand the breadth and industry reach of LPA technology solutions in order to better serve the wealth management industry."
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